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3

www.GryphonDigitalMining.com

Target Capitalization

• 1st Carbon-Negative miner with the acquisition of 500,000 carbon offset credits (in partnership with Sphere 3D)

• Adhere to best practice Corporate Governance Principles

• Planned Merger with Sphere 3D (Nasdaq:ANY) expected in Q4/21

• CEO & Director, Rob Chang, previously served as CFO of Riot Blockchain and as MD at Cantor Fitzgerald

• Chairperson, Brittany Kaiser, globally-renowned expert in blockchain technology and digital assets

• Founder & President Dan Tolhurst, previously held senior strategy roles at Disney and Netflix

• Chief Technical Advisor, Chris Ensey, is the former CEO & COO of Riot Blockchain and has overseen the development of over 100 MW mining operations

• 720 Petahash of potential hashing power on a standalone basis with 6.7 Exahash post-merger*

• Competitive power rates as low as ~1.3 cents kWh

• Operating Breakeven costs of $7,262/BTC**

• Secured 250 MW of capacity

4

Creating the industry leader in Bitcoin mining.

Size & Scale Leadership Team ESG

Investment Highlights

* Combined with the 60,000 machine order with pending merger partner, Sphere 3D **Assuming Bitmain S19j Pro specifications and market data as of October 12, 2021

www.GryphonDigitalMining.com

Target Capitalization

Transaction Details

❖ Gryphon Shareholders to receive111,000,000 shares of Sphere 3D, subjectto adjustment (exchange ratio ~5.3 : 1)

❖ Expected to close Q4/21

❖ Subject to shareholder approval, closingconditions, effective registrationstatement, and Nasdaq approval

❖ Gryphon team to assume managementof combined entity

5

Planned Merger with Sphere 3D (Nasdaq: ANY)

Announced Merger of Sphere 3D (Nasdaq:ANY)

Synergies

❖ Sphere’s deep datacenter expertise willaid the combined entity as we expandour operations into building large-scale,renewable, cryptocurrency miningsolutions.

❖ Highly sought after listing on theNasdaq

www.GryphonDigitalMining.com

Target Capitalization

❖ Sphere has announced that it hasacquired a six-month exclusive right toassume up to 220,000 bitcoin minersfrom Hertford Advisors

❖ Sphere has already exercised theoption for 60,000 new machines withdeliveries commencing in November,2021.

❖ Combined with Gryphon’s order, thecombined company could have up to21.5 exahash of mining power, whichwould rank it as the largest knownminer in the world.

6

Options to acquire up to 220,000 state of the art miners

Potential to be the largest miner in the world

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www.GryphonDigitalMining.com

Target Capitalization

Source: Lazard LCOE V13, November, 2019, Energy Storage News

Gryphon launched with 100% renewable hydro power (21 MW); Core Scientific hosting agreement provides 230 MW of 100% carbon neutral electricity

15

Technological advancements drive decline in renewable energy costs

Key Success Factor: Zero Carbon & Social Footprint

Onshore Wind Farms76%

89%

Solar

Today Future Opportunities

10 Year % Cost Decrease:

8 Year % Cost Decrease:

70%

Battery Storage

250 MW of Hosted Capacity = 100% renewable hydro facility located in

Economic Opportunity Zone (21 MW) + 100% net carbon neutral (230 MW) +

Carbon Credits

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www.GryphonDigitalMining.com

Target Capitalization

• Electricity costs as low as $0.013/kWh

• Profit sharing model with average opex of ~$0.034 kWh

• Gryphon has secured 21 MW of power for its initial 7,200 machines

• Hosting and share structure minimizes capital investment and financial risk

• Liquid Immersion technology available, which has proven to extend the life of machines at least 20% (some studies have shown up to 60-70%)

17

Partnering with one of the largest digital currency data centers in the world

Initial Location Overview

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3,03

8,24

5$

18

2,64

9,95

7$

232,

261,

670

$

28

1,87

3,38

2$

331,

485,

095

$

38

1,09

6,80

7$

430,

708,

520

$

48

0,32

0,23

2$

220,

000,

000

-1

8,05

1,97

1 $

29,3

04,6

64$

76,6

61,2

99$

124,

017,

933

$

171,

374,

568

$

21

8,73

1,20

3$

266,

087,

837

$

31

3,44

4,47

2$

360,

801,

107

$

40

8,15

7,74

1$

455,

514,

376

$

23

0,00

0,00

0

-20,

110,

955

$

25

,186

,696

$

70

,484

,346

$

11

5,78

1,99

7$

16

1,07

9,64

7$

206,

377,

298

$

25

1,67

4,94

8$

296,

972,

599

$

34

2,27

0,25

0$

387,

567,

900

$

43

2,86

5,55

1$

240,

000,

000

-2

1,99

8,35

7 $

21,4

11,8

92$

64,8

22,1

40$

108,

232,

388

$

151,

642,

637

$

19

5,05

2,88

5$

238,

463,

134

$

28

1,87

3,38

2$

325,

283,

631

$

36

8,69

3,87

9$

412,

104,

127

$

25

0,00

0,00

0

-23,

734,

767

$

17

,939

,072

$

59

,612

,910

$

10

1,28

6,74

9$

14

2,96

0,58

7$

184,

634,

426

$

22

6,30

8,26

4$

267,

982,

103

$

30

9,65

5,94

1$

351,

329,

780

$

39

3,00

3,61

8$

260,

000,

000

-2

5,33

7,60

7 $

14,7

33,3

92$

54,8

04,3

90$

94,8

75,3

89$

134,

946,

387

$

17

5,01

7,38

6$

215,

088,

385

$

25

5,15

9,38

3$

295,

230,

382

$

33

5,30

1,38

0$

375,

372,

379

$

27

0,00

0,00

0

-26,

821,

718

$

11

,765

,170

$

50

,352

,057

$

88

,938

,945

$

12

7,52

5,83

2$

166,

112,

720

$

20

4,69

9,60

7$

243,

286,

495

$

28

1,87

3,38

2$

320,

460,

270

$

35

9,04

7,15

7$

280,

000,

000

-2

8,19

9,82

1 $

9,00

8,96

3$

46,2

17,7

48$

83,4

26,5

32$

120,

635,

317

$

15

7,84

4,10

1$

195,

052,

885

$

23

2,26

1,67

0$

269,

470,

454

$

30

6,67

9,23

8$

343,

888,

023

$

29

0,00

0,00

0

-29,

482,

883

$

6,

442,

840

$

42

,368

,563

$

78

,294

,286

$

11

4,22

0,00

9$

150,

145,

732

$

18

6,07

1,45

5$

221,

997,

177

$

25

7,92

2,90

0$

293,

848,

623

$

32

9,77

4,34

6$

300,

000,

000

-3

0,68

0,40

7 $

4,04

7,79

2$

38,7

75,9

91$

73,5

04,1

90$

108,

232,

388

$

14

2,96

0,58

7$

177,

688,

786

$

21

2,41

6,98

5$

247,

145,

183

$

28

1,87

3,38

2$

316,

601,

581

$

BTC

Price

Network Hashrate

Con

tact

:R

ob@

Gry

ph

onM

inin

g.c

omD

an@

Gry

ph

onM

inin

g.c

om

ww

w.G

ryp

hon

Dig

ital

Min

ing

.com

Targ

et C

apit

aliz

atio

n

24

Ap

pen

dix

: Eco

nom

ics

*Tot

al a

nd

All-

Tota

l Cos

ts p

er k

Wh

incl

ud

es im

pac

t of

pro

fit s

har

e. Im

pac

t of

pro

fit s

har

e on

cos

ts w

ill s

cale

wit

h p

rice

of B

TC. N

o d

ebt

assu

med

.**

Mar

ket

dat

a as

of O

ctob

er 12

, 20

21.

***

BTC

Net

wor

k H

ash

rate

incl

ud

es im

pac

t of

mer

ged

com

pan

y’s

67,2

00

mac

hin

es.

Key

Met

rics

Assu

mpt

ions

RO

A (

Pre

-ta

x)

32

6%

BT

C P

rice

($

US)

$5

6,0

00

Ma

ch

ine

on

ly p

ayb

ack (

ye

ars

)0

.4B

TC

Ne

two

rk H

ash

rate

(T

H/s)

14

8,9

23

,77

3

To

tal C

ap

Ex P

ayb

ack (

ye

ars

)0

.4S1

9J

Pro

24

,00

0

Op

era

tin

g C

ost

pe

r kW

h$

0.0

66

S1

9s

0

To

tal O

pe

rati

ng C

ost

pe

r kW

h$

0.0

66

All-T

ota

l C

ost

pe

r kW

h (

Pre

-Ta

x)

$0

.07

7

Oper

atin

g Br

eake

ven

$7,2

62Al

l-In

Brea

keve

n (P

re-T

ax)

$8,6

11A

nn

ua

l R

eve

nu

e S

tea

dy S

tate

$8

30

,09

6,6

18

An

nu

al G

ross P

rofi

t Ste

ad

y S

tate

$7

11

,86

9,4

68

ww

w.G

ryp

hon

Dig

ital

Min

ing

.com

Targ

et C

apit

aliz

atio

n

25

Ap

pen

dix

: An

nu

al P

erfo

rman

ce

*Ass

um

es fi

scal

yea

r b

egin

s in

May

** A

ssu

mes

BTC

pri

ce a

nd

net

wor

k h

ash

rate

are

flat

lined

Cash

Flow

Key

Assu

mpt

ions

2021

2022

2023

2024

2025

Re

ve

nu

e$

27

,89

6,3

52

$5

33

,01

5,9

09

$8

30

,09

6,6

18

$8

30

,09

6,6

18

$8

30

,09

6,6

18

Op

era

tin

g C

osts

$5

,56

5,4

15

$7

8,2

41

,99

3$

11

8,2

27

,15

0$

11

8,2

27

,15

0$

11

5,4

21

,76

0

Gro

ss P

rofi

t$

22

,33

0,9

37

$4

54

,77

3,9

16

$7

11

,86

9,4

68

$7

11

,86

9,4

68

$7

14

,67

4,8

58

De

bt

Pa

ym

en

ts$

0$

0$

0$

0$

0

G&

A$

1,2

50

,00

0$

20

,00

0,0

00

$2

0,0

00

,00

0$

20

,00

0,0

00

$2

0,0

00

,00

0

Pre-

tax C

ash

Flow

$21,

080,

937

$434

,773

,916

$691

,869

,468

$691

,869

,468

$694

,674

,858